In the latest Bitcoin (BTC) battle, it’s the crypto giant against Alphabet (GOOGL).
In a year that has been rocky for the leading cryptocurrency, to say the least. Yet, last week, the crypto backdrop’s clouds had just started to clear.
Using the screener platform at Coinwatch.com, we scooped the latest data in the volatile crypto market. Let’s take a closer look.
Newton Advisor founder and analyst Mark Newton had said if Bitcoin broke past its “formidable area of resistance” of $7,800, a comeback could be tangible. Well, Bitcoin just achieved a two-month high, sailing past that $7,800 barrier- and beyond $8,000. The “line in the sand” has been crossed, so by Newton’s argument, it’s feasible to see the start of a big boom coming.
This followed eToro senior market analyst Matthew Greenspan’s tweet: “We might just be on the cusp of the largest bitcoin bull run in history.”
Last week, Larry Fink, CEO of Blackrock – the leading asset manager in the globe – revealed his company had its eyes on cryptocurrencies. Another upbeat point in the crypo narrative: rumor has it that approval in the U.S. is circling a crypto exchange traded fund (ETF).
The week before, international consortium, the Financial Stability Board (FSB) let loose a reportcontending Bitcoin and cryptocurrencies “do not pose a material risk to global financial stability at this time.” A bull reversal seemed to be in full swing.
So why did Google-parent Alphabet have to rain on Bitcoin’s parade? See GOOGLE Price Target and Analyst Ratings Detail.
Google dished it intends to block all Bitcoin and crypto mining apps from the Play Store. It’s a movethat comes on the back of a Chrome extensions ban in March, one that hit at all extensions mining crypto.
Not even a month prior to the extensions rejection and Google was suddenly saying halt on cryptocurrency ads. The intent in March was to lessen the slew of scams winding their way through Google’s search engine. The result led to a Google freeze on two major crypto crypto exchanges releasing ads: Coinbase and Binance.
At the time, Scott Spencer, director of Google’s sustainable ads told CNBC: “We don’t have a crystal ball to know where the future is going to go with cryptocurrencies, but we’ve seen enough consumer harm or potential for consumer harm that it’s an area that we want to approach with extreme caution.” Not even a month followed- and Google was suddenly saying halt on all cryptocurrency ads.
Google wrote on the blog: “Starting today, Chrome Web Store will no longer accept extensions that mine cryptocurrency. Existing extensions that mine cryptocurrency will be delisted from the Chrome Web Store in late June. Extensions with blockchain-related purposes other than mining will continue to be permitted in the Web Store.”
Here’s why Alphabet is running scared from apps mining cryptocurrency: apprehensions are mounting that these apps could harm user’s computers; or at best, meaningfully hinder computer performance.
The crypto mining apps rejection was posted on the Google Play Store’s developer policy page: “We don’t allow apps that mine cryptocurrency on devices. We permit apps that remotely manage the mining of cryptocurrency.”
When Monday rolled around, Bitcoin took a 1% dip, at a point circling to $8,094.82. Tuesday has seen a recovery for the crypto giant, back up to $8,139.28 with a $139.05 billion market cap. Considering the coin still hovers above its $8,000 comeback level, bulls are not too shaken just yet.
While users won’t be able to mine directly from devices, the tech giant says it’s fair game for developers to unleash apps allowing mining to be done “remotely;” for instance, cloud-based computer platforms.
However, is there a world where one day Bitcoin overtakes Google? Tech prophet George Gilder explores this theory in his newest book Life After Google: The Fall of Big Data and the Rise of the Blockchain Economy. In a nutshell, Gilder’s best guess: the sun is about to set on the era of Google ruling the free world’s technology universe.
Gilder wagers the tech giant will wane into a “virtual planetary parallel computer.” The cards stacked against Google are its centralized architecture, says the Bitcoin bull. Gilder forecasts Google’s architecture could get pounced upon by Bitcoin miners.
Let’s say Bitcoin takes another bearish plummet, sinking under $1,000. Gilder still sees a future where the sheer number of servers intended for mining would engulf Google’s needs. The mining community’s servers would stand unrivaled, powerhouses in capabilities.
Consider advertising and prices of these ads stand as Google’s key source of revenue. Gilder notes that these ads have a limit in how much quantity can be boosted to level or surpass cash flow. “Without prices, all that is left to confine consumption is the scarcity of time. Beyond the scores of hours a week for its smartphone customers, time is closing in on Google,” warns Gilder, who believes the “seeds of destruction” have already been planted.
If Gilder proves right, while Google may have taken a swing at Bitcoin this week – due to concern over ‘crypto-jacking’ – Bitcoin may one day have the last laugh.
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This article was written by Julie Lamb.
Credits: Nasdaq, Inc.